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Proptech Head Aurum Proptech ready to get Goldman SachsTiger Global and Ratan Tata backed managed rental home company NestAway Technologies through a complete buyout of all existing shareholders, said persons with direct knowledge of the development.
Apart from the founders, the company’s shareholders include global institutional investors and prominent business personalities such as the former chairman of Tata Sons.
Founded in 2015, the online home rental marketplace counts Flipkart, Chirate Ventures and a university fund among its key investors. over the past few years, NestAway Successfully raised $110 million from key investors to support its growth and expansion plans.
Aurum Proptech It is expected to pay a total of more than $20 million for the proposed acquisition, which would be one of the first such buyout deals for a rental platform.
“The deal is in an advanced stage and most of the existing shareholders are already on board. It is likely to be signed anytime soon,” said one of the persons mentioned above.
The company’s previous investment round was in 2019 at a valuation of $230 million. However, the valuation has declined following the Covid-19 pandemic. Currently, the platform has over 39,600 tenants across 10 cities.
,Aurum Proptech Like Brazilian proptech unicorn Quintounder, India’s residential rental market is looking to ride the growth. NestAway was modeled and operates on the same metrics as QuintoUnder, making it a strategic fit in Aurum’s ecosystem,” said another person cited above.
Amarendra Sahoo, co-founder and CEO of NestAway, declined to comment. ET’s separate email queries to NestAway, Aurum PropTech, Tiger Global, Goldman SachsFlipkart, Chirate Ventures and Ratan Tata remained unanswered till the time of going to press.
This will be Aurum Proptech’s eighth proptech related acquisition in the last two years.
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